Maiwei Biotech has been unprofitable for 9 consecutive years and is planning to raise funds in Hong Kong. In 2022, it plans to list on the A-share market and raise 3.5 billion yuan.

China Economic Net, Beijing, March 25—Wei Wei Biotech (688062.SH) released its 2025 annual report on the evening of yesterday. During the reporting period, the company achieved operating revenue of 663 million yuan, a year-on-year increase of 231.62%; net profit attributable to shareholders of the listed company was -969 million yuan, compared with -1.044 billion yuan in the prior year; net profit attributable to shareholders of the listed company after deducting non-recurring profit and loss was -999 million yuan, compared with -1.070 billion yuan in the prior year; net cash flow from operating activities was -290 million yuan, compared with -956 million yuan in the prior year.

Wei Wei Biotech has been loss-making for 9 consecutive years.

From 2017 to 2023, Wei Wei Biotech’s net profits attributable to shareholders of the listed company were -103 million yuan, -225 million yuan, -928 million yuan, -643 million yuan, -770 million yuan, -955 million yuan, and -1.053 billion yuan, respectively.

Wei Wei Biotech listed on the STAR Market of the SSE on January 18, 2022. The number of shares issued was 99.90 million shares, the issue price was 34.80 yuan per share, the sponsor (sole bookrunner) was Haitong Securities (current name: Guotai Haitong), and the sponsor representatives were Wang Yongjie and Chen Xinjun.

The total amount of funds raised from Wei Wei Biotech’s first public offering of shares was 3.477 billion yuan; after deducting issuance costs, the net amount of funds raised was 3.303 billion yuan. The final net amount of funds raised by Wei Wei Biotech was 323 million yuan more than the original plan. The prospectus disclosed by Wei Wei Biotech on January 10, 2022 shows that the company intended to raise 2.980 billion yuan, to be used for the annual production of 1,000 kg antibody industrialization construction project, the antibody drug R&D project, and replenishing working capital, respectively.

The total issuance costs for Wei Wei Biotech’s first public offering of shares were 185 million yuan, of which the underwriting and sponsorship fee was 155 million yuan.

In addition, on the evening of August 31, 2025, Wei Wei Biotech disclosed a notice regarding its application to re-submit an H-share issuance and listing application to the Hong Kong Stock Exchange, and published the application materials.

According to the notice disclosed by Wei Wei Biotech on November 21, 2025 regarding the filing with the China Securities Regulatory Commission for the issuance of overseas listed foreign shares (H shares), the company recently received the “Overseas Issuance and Listing Filing Notice” issued by the China Securities Regulatory Commission for Wei Wei (Shanghai) Biotechnology Co., Ltd. (Guo He Han〔2025〕2062) (hereinafter referred to as the “Filing Notice”). The main contents of the Filing Notice are as follows: “1. The company plans to issue no more than 62,664,600 shares of overseas listed ordinary shares and list them on The Stock Exchange of Hong Kong Limited. 2. From the date of issuance of this Filing Notice until the conclusion of the overseas issuance and listing, if the company experiences any major matters, it shall report through the filing and management information system of the CSRC in accordance with the relevant regulations in the Mainland regarding overseas issuance and listing by domestic enterprises. 3. Within 15 business days after completing the overseas issuance and listing, the company shall report the details of the issuance and listing through the filing and management information system of the CSRC. During the process of overseas issuance and listing, the company shall strictly comply with relevant laws, regulations, and rules in both the Mainland and overseas. 4. If the company has not completed the overseas issuance and listing within 12 months from the date of issuance of this Filing Notice and intends to continue to advance the matter, it shall update the filing materials.”

(Editor: Ma Xin)

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